BOI Launches New 666-Day FD Scheme; UBI, Yes Bank, IndusInd Bank Offer Up To 8.50%Interest Rate
Four banks have revised their fixed deposit (FD) interest rates ahead of the Reserve Bank of India's (RBI) monetary policy meeting next week.
Four banks have revised their fixed deposit (FD) interest rates ahead of the Reserve Bank of India's (RBI) monetary policy meeting next week.
BOI Launches 666 days FD Scheme
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Ahead of the Reserve Bank of India’s (RBI) monetary policy meeting (MPC) on June 5, Bank of India (BOI), Union Bank of India (UBI), Yes Bank, and IndusInd Bank revised their fixed deposit (FD) interest rates. The market is expected to remain volatile in the coming days as all eyes are on the outcome of national elections on June 4, when votes will be counted. The last phase of polling is held today for 57 Lok Sabha seats across eight states and union territories.
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Here are the details of the interest rate revisions during the week ending June 1, 2024.
The bank has launched a new FD for ‘666 days’ this week,offering senior citizens up to 7.80 per cent interest rate, and super senior citizens7.95 per cent. It includes 0.50 per cent and 0.65 per cent additional rates for seniors and super seniors, respectively, over the rates for general public. The rates are effective June 1, 2024.The rates for senior citizens for other tenures are as follows:
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Super seniors will get an additional 0.15 per cent over these rates.
Union Bank revised the FD rates on June 1, 2024, offering a maximum of 7.75 per cent, including the extra 0.50 per cent interest rate, to senior citizens. Super senior citizens get an additional 0.75 per cent over the rates for the general public. The rates for senior citizens and super senior citizens (in bracket) are as follows:
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The private sector bank revised the rates on May 30, 2024, offering the maximum of 8.50 per cent to senior citizens. The rates for seniors after the revision are as follows:
After its rate revision on May 27, 2024, the bank provides a maximum of 8.25 per cent to seniors. The rates are as follows:
The bank offers compounding interest every quarter, so to reap the benefit, one should invest at least for six months in the FDs.
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Retirement planning will work in your favour if you start early. The monthly investment required to build the desired corpus will be much smaller because a longer term will allow your money to compound
RBI’s UDGAM portal allows customers to check their unclaimed deposits with banks; it has enrolled 30 banks from the initial seven during its launch in August 2023
The government has allowed the extension of the Senior Citizen Savings Scheme (SCSS) indefinitely and enabled people to invest in the scheme three months before retirement
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